KrisEnergy Ltd, Singapore-based upstream oil and gas company, has agreed to buy Chevron Corp's interest in Block A offshore Cambodia at a cost of 65 million USD.

In a statement dated Aug. 11, KrisEnergy said that it plans to acquire the entire issued share capital of Chevron Overseas Petroleum (Cambodia) Ltd, a subsidiary of the global oil company, and to take over as the block's operator.

Once the deal is completed, KrisEnergy will increase its stake in Block A, located in the Gulf of Thailand, to 52.25 percent from 25 percent.

The firm intended to work with the Cambodian authorities to agree the terms and conditions of the production licence before declaring a final investment decision.

KrisEnergy estimates the project will reserve about 5.4 million barrels of oil equivalent.VNA